The charging network provider ChargePoint concluded a new round of equity financing. The company has raised $127 million (€107 million), mostly from existing investors.
ChargePoint says that returning investors American Electric Power, Braemar Energy Ventures, Canada Pension Plan Investment Board (CPPIB), Chevron Technology Ventures, Clearvision, GIC, Linse Capital and Quantum Energy Partners have all participated in the round. In total, ChargePoint has reportedly raised $660 million in funding, the equivalent of around €554 million.
The fact that the fundraising was successfully completed during the Covid 19 pandemic and its economic impact is a “clear indication of the strength of the market and the progress ChargePoint has made in growing its business in Europe and North America.
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“The shift to electric drive is intensifying for mainstream businesses and fleet operators, a transition poised to be one of the most significant transformations in modern history,” said ChargePoint CEO Pasquale Romano emphasising that the investment underscores investor confidence in “the unprecedented potential of electric mobility.” He said: “The additional $127 million in funding provides capital to expand our investment as the market grows.”
The funds are to be used to expand the commercial and fleet customer offerings in North America and Europe and to “further strengthen the political, marketing and sales efforts”.
The company states that the ChargePoint network now has more than 114,000 charging points. In addition, the 80 million charge point mark is said to have been reached recently. The Californian company has been spreading its networks in collaboration with other charging infrastructure providers. Last year, ChargePoint joined forces with Electrify America, as well as forging interoperability agreements with EVgo and EV Connect as well as New Motion.
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